U.S. Financial Services Leaders Support Principles for Low-Carbon Transition
U.S. financial services leaders have stated their support in principle for a U.S. transition to a low-carbon economy.
The support comes following the release of the Principles for a U.S. Transition to a Sustainable Low-Carbon Economy by the U.S. Climate Finance Working Group.
The group is comprised of 11 financial services trade associations that have come together around climate and sustainability topics relevant to their respective areas of the financial services industry and the broader corporate sector.
Working Group members include: American Bankers Association; Bank Policy Institute; Financial Services Forum; Institute of International Bankers; Institute of International Finance; Investment Company Institute; and Securities Industry and Financial Markets Association.
Tuesday, February 16, 2021
At the beginning of the year, we published a short report on the surge in year-end insurance regulatory activity concerning climate change risks (available here). January was another busy month, and we report below on noteworthy developments in Bermuda, Canada and the United States.
IN DEPTH
As readers will know, outside of the United Kingdom and European Union, most insurance regulators are only now beginning to grapple with how to incorporate climate change risk into their regulatory frameworks. And in the European Union and the United Kingdom, debate continues about the scope and depth of climate change risk regulation. Anecdotally, it appears that many re/insurers in Europe are well advanced in formulating their sustainability policies and in moving toward decarbonizing their investment portfolios (particularly with respect to thermal coal investments), reducing/eliminating their own greenhouse gas emissions and managing climate change ris
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Genworth Financial Announces Fourth Quarter 2020 Results
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RICHMOND, Va., Feb. 16, 2021 /PRNewswire/
Fourth Quarter Net Income Of $267 Million And Adjusted Operating Income Of $173 Million; 2020 Full Year Net Income Of $178 Million And Adjusted Operating Income Of $317 Million
U.S. Mortgage Insurance (MI) 2020 Full Year Adjusted Operating Income Of $381 Million; Record New Insurance Written (NIW)
U.S. MI s PMIERs
Annual U.S. GAAP Assumption Review Completed For U.S. Life Insurance:
Net Favorable Impacts Of $13 Million After-Tax In Long Term Care Insurance (LTC) And $10 Million After-Tax In Life Insurance
LTC Active Life U.S. GAAP Margins Of Approximately $0.5 To $1.0 Billion, Consistent With Prior Year